According to the Baldwin Realtors, November condominium sales decreased 12.2% year-over-year (Y/Y) from 90 to 79 closed transactions. Contrary to seasonal trends, sales decreased 26.2% from October. Sales are down 29.0% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all of Baldwin County’s condominium data, click here.
Inventory: November listings (849) decreased 3.5% from October and increased 67.1% from one year ago. At the current sales pace, all the active inventory on the market would sell in 10.7 months, up from 8.2 in October and up from 5.6 months in November 2022. The equilibrium point where buyers and sellers have roughly equal bargaining power is 6 months of supply.
Pricing: The Baldwin County condo median sales price in November was $570,000, an increase of 15.2% from one year ago and an increase of 5.6% from October. The differing sample size (number of residential sales of comparative months) can contribute to statistical volatility, including pricing. ACRE recommends consulting with a local real estate professional to discuss pricing, as it will vary from neighborhood to neighborhood.
Condos sold in November averaged 82 days on the market (DOM), 25 days slower than one year ago.
Forecast: November sales were 32 units, or 28.9%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 111 sales for the month, while actual sales were 79 units. ACRE forecast a total of 1,426 condo sales year-to-date while there were 1,291 actual sales through November, a difference of 9.5%.
Click here to view the entire monthly report.
The Baldwin County Condominium Monthly Report is developed in conjunction with the Baldwin Realtors to better serve Gulf Coast consumers.
